PH Resorts crashes after Okada deal declared dead
PH Resorts [PHR 0.58, down 19.4%; 1208% avgVol] [link] disclosed that it received a termination notice from the Okada Group concerning the group’s potential acquisition of a “significant majority ownership” stake in two of PHR’s subsidiaries that operate the Emerald Bay Project. This conclusively ends the negotiations between PHR and Okada that began in December of 2023. PHR said that Okada’s termination of the deal will “give PHR the opportunity to engage with other parties” that have been unable to engage with PHR due to the exclusivity that PHR granted to Okada as part of the term sheet both parties signed. Okada is the third company in 18 months to abandon plans to acquire the failing casino project. PHR will get to keep Okada’s P300 million deposit.
